SUI, the native token of the Sui blockchain, is making headlines again due to a significant regulatory milestone. Nasdaq has filed a 19b-4 form with the SEC for an ETF linked to SUI.
Nasdaq's Regulatory Move
The recent filing by Nasdaq, in the form of a 19b-4, initiates the regulatory review process for the first U.S. SUI-based spot ETF. This filing officially starts the evaluation by SEC.
SUI's Price Reaction to ETF News
Currently, SUI is trading at $3.50, up by 3.32% for the day. The price has shown an upward trend, overcoming early-session volatility. After an initial dip, SUI surged to $3.55.
Technical Analysis of SUI
Analysis indicates that SUI's price is supported by buying interest, suggesting a continuation of the positive trend. The MACD crossover and an RSI value of 53.5 confirm rising bullish momentum.
The filing of Nasdaq's 19b-4 form represents a significant step toward the approval of the first Spot SUI ETF in the U.S., fostering hope for increased institutional interest.
